PUTNAM NEW YORK TAX EXEMPT INCOME FUND
PUTNAM NEW YORK INTERMEDIATE TAX EXEMPT FUND
PUTNAM NEW YORK TAX EXEMPT OPPORTUNITIES FUND
PUTNAM NEW YORK TAX EXEMPT MONEY MARKET FUND
Prospectus Supplement dated June 5, 1995 to
Prospectus dated February 1, 1995
(1) THE "EXPENSES SUMMARY" SECTION FOR PUTNAM NEW YORK TAX
EXEMPT OPPORTUNITIES FUND ("THE OPPORTUNITIES FUND") ON PAGE 4 OF
THE PROSPECTUS IS REPLACED BY THE FOLLOWING:
OPPORTUNITIES FUND
CLASS A CLASS B CLASS M
SHARES SHARES SHARES
SHAREHOLDER TRANSACTION EXPENSES
Maximum Sales Charge
Imposed on Purchases
(as a percentage of
offering price) 4.75% NONE* 3.25%*
Deferred Sales Charge 5.0% in the first
(as a percentage year, declining
of the lower of to 1.0% in the
original purchase sixth year, and
price or redemption eliminated
proceeds) NONE** thereafter NONE
ANNUAL FUND OPERATING EXPENSES
(as a percentage of average
net assets)
Management Fees 0.60% 0.60% 0.60%
12b-1 Fees 0.20% 0.85% 0.50%
Other Expenses 0.13% 0.13% 0.13%
Total Fund Operating
Expenses 0.93% 1.58% 1.23%
(2) THE "EXAMPLES" ON PAGE 7 RELATING TO THE OPPORTUNITIES FUND
ARE REPLACED WITH THE FOLLOWING:
Your investment of $1,000 would incur the following expenses,
assuming 5% annual return and redemption at the end of each
period:
1 3 5 10
YEAR YEARS YEARS YEARS
CLASS A $57 $76 $97 $156
CLASS B $66 $80 $106 $170 ***
CLASS M $47 $71 $100 $179
Your investment of $1,000 would incur the following expenses,
assuming 5% annual return but no redemption:
CLASS A $57 $76 $97 $156
CLASS B $16 $50 $86 $170 ***
CLASS M $47 $71 $100 $179
The Examples do not represent past or future expense levels.
Actual expenses may be greater or less than those shown. Federal
regulations require the Examples to assume a 5% annual return,
but actual annual return has varied.
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(3) THE FIRST PARAGRAPH UNDER THE SECTION "HOW THE FUNDS ARE
MANAGED" ON PAGE 28 IS REPLACED BY THE FOLLOWING:
THE TRUSTEES ARE RESPONSIBLE FOR GENERALLY OVERSEEING THE
CONDUCT OF EACH FUND'S BUSINESS. Subject to such policies as
the Trustees may determine, Putnam Management furnishes a
continuing investment program for each Fund and makes
investment decisions on that Fund's behalf. Subject to the
control of the Trustees, Putnam Management also manages the
Funds' other affairs and business. David J. Eurkus, Senior
Vice President of Putnam Management and Vice President of the
Trust, has had primary responsibility for the day-to-day
management of the Income Fund's portfolio since 1985. Mr.
Eurkus has been employed by Putnam Management since 1983.
James M. Prusko, Assistant Vice President of Putnam
Management and Vice President of the Trust, has had primary
responsibility for the day-to-day management of the
Intermediate Fund's portfolio since June, 1995. Mr. Prusko
has been employed by Putnam Management since 1992. Prior to
joining Putnam Management, Mr. Prusko was a Sales and Trading
Associate at Salomon Brothers, Inc. Michael Bouscaren,
Senior Vice President of Putnam Management and Vice President
of the Opportunities Fund, has had primary responsibility for
the day-to-day management of the Opportunities Fund's
portfolio since 1994. Mr. Bouscaren has been employed by
Putnam Management since 1994. Prior to joining Putnam
Management, Mr. Bouscaren was President and Chairman of the
Board of Directors at Salomon Brothers Series Funds, Inc.,
and a Director of Salomon Brothers Asset Management, Inc. for
more than five years. Lindsey M. Callen, Vice President of
Putnam Management and Vice President of the Money Market
Fund, has had primary responsibility for the day-to-day
management of the Money Market Fund's portfolio since 1993.
Ms. Callen has been employed by Putnam Management since 1984.
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